The Social Security Administration announced a 2.8 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. The increase is the largest in seven years, and is based on the rise in the Consumer Price Index over the past 12 months ending in September 2018. For those still contributing to

As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering. Check out the following areas: • Wash sales. Thinking of selling a security before Dec. 31 to take advantage of a capital loss? To make sure the loss is deductible, refrain from buying a substantially

When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes are taxable. Almost all prizes are taxable income. You report them on your

We are reminding you that Form 1099-MISC must be issued to individuals, some corporations, and other unincorporated entities to which you paid for services and contract work that meet certain criteria during the calendar year. Likewise, Forms 1099-INT and 1099-DIV must be issued to recipients of interest and dividend income, respectively. To verify your Form

Do you have misclassified workers? Independent contractor and employee — Do you know the difference between the two classifications? As you prepare your third-quarter 2018 payroll reports, take time to review the status of your workers to help you stay away from misclassification issues down the road. Knowing the difference is crucial Often, figuring

Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C corporations, are taxed as a separate entity with distributions to owners taxed a

There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two classifications for bad debt: business and non-business, each

Teaching your child about money and finances is easiest when you start early. Here's a quick review of what you should teach your children at each age for financial literacy for children to guide them to become financially competent adults: Preschool • Identify coins and bills, and learn what each is worth. • Understand

There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, refinancing your house, or continuing your citizenship status. Possibly you are a few years behind on filing tax returns and need to know where to start. Or maybe

Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $28,000 on healthcare in 2018 – a $1,000 increase from 2017. Below are some ways you can save tax dollars when paying those medical bills: Contribute to a Health Savings Account